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Losing weight and improving one’s finances are almost always at the top of most people’s lists of New Year’s resolutions. It makes sense to look out for your physical and financial health so you can enjoy life to the fullest. Following through on your resolutions is usually the tough part — it takes changes in certain behaviors, discipline and time to experience and maintain the results. This is as true for financial planning as it is for losing weight.
If improving your finances is one of your New Year’s resolutions, here are five steps you can take starting Jan. 1: Immediately Pay Down Holiday Bills and Credit Cards.
Many people splurge on holiday gifts, parties and travel in December, but the bills will come due in January. Resolve to pay down those debts quickly to avoid large interest charges on your credit cards.
Set a goal to pay off the total amount on one card within a few months, if not sooner. If you or your spouse expects a bonus check from your employer in early 2018, use…

While retirement may not be on your mind currently as an entrepreneur, the sooner you start planning for this milestone, the better. Before anything else, you need to consider the ways that you will be able to save for your retirement while also keeping your business running today. So, what tips or tricks can you employ to ensure that you will be financially able to retire when ready? A. Set Up a Roth IRA
You may not have a company 401(k), but you should take advantage of the long-term benefits of a Roth IRA, which will grow and compound over time (tax free) and be removed (again, tax free) when you are at retirement age. - Jeff Epstein, Ambassador A. Opt for a Solo 401(k)
If you are a business with no full-time employees (other than you and your spouse), you are eligible for a Solo 401(k), also known as the self-employed 401(k). The benefit to this is that you can contribute up to $50,000 of business income pre-tax ($100,000 if you set up a plan for yourself and your spouse). In 2016,…

As the end of the year approaches and investors begin to take stock of their savings, one consideration they may want to take into account is how they should allocate money across 401(k) and IRA plans.
In a traditional, employer-sponsored 401(k) plan, employees can contribute tax-deferred money that is generally matched by a company up to a certain percentage. Traditional IRAs are accounts individuals set up independently, where earnings grow tax-free until they are withdrawn in retirement. For a Roth IRA, contributions are taxed first and then withdrawn tax-free, and a Rollover IRA allows individuals to transfer money over from employer-sponsored plans.
Here are some tips to help you navigate the retirement planning process. Contribution levels
The maximum amount an individual can contribute to a 401(k) plan is significantly higher than what is allowed for an IRA. Beginning next year, the Internal Revenue Service (IRS) will increase the contribution threshold for 401(k) plans by anot…

There is a wealth of ways to invest your money, but let’s face it: you probably don’t have endless time to figure them all out. And with time at a premium, using energy to keep abreast of the ins and outs of your investment portfolio can seem impossible. Although Singaporeans are on average earning more each year, the global market hasn’t been as successful recently — and that’s enough to give anyone pause before approaching today’s complex investment landscape.
One way to get to grips with the investment climate is to take advantage of a smart investment tool, which can help to identify investment opportunities. Standard Chartered Bank now offers Personalized Investment Ideas (PII), the latest tool to give investors the info they need to grow their wealth. Thanks to technological advancements like this, you can invest wisely, and without giving up your valuable time.
When it comes to your investments, you have three potential options: Buy
Taking risks with your money is not only daun…

How will I know when it's the right tie to retire? Is there a barometer that experts rely on to know when it's the right time to go?--B.K.
I don't know of any generally recognized gauge or barometer for calling it a career, but I can tell you that the decision to retire definitely isn't just about reaching a certain age. I recently took personal finance guru Suze Orman to task for suggesting as much when she recently asserted in no uncertain terms that "70 is the new retirement age -- not a month or year before."
She's right that many people may need to stay on the job longer these days to accumulate a large enough nest egg to support them in retirement. But to say that 70 -- or any single age, for that matter -- is the right age to retire? That's far too simplistic. The decision to retire involves too many subjective factors that can vary significantly from person to person to be boiled down a single number.
So how can you tell when it's the rig…

CHRISTMAS is approaching fast and the all too familiar feeling of pressure on our wallets is coming around quick.
The last thing you want at Christmas is the burden of how you’re going to pay for your loved ones Christmas presents or how you’ll afford the turkey.
There are certain things you ought to try to avoid when you pay for Christmas to make sure you don’t start a new year with bad debt hanging over you.
It sounds obvious but before you start spending, if you’re going to have to borrow make a conscious effort to spend less.
This doesn’t mean people will think you’re Scrooge; you just need to be savvy.
By making tweaks to how you pay for things, you’ll save yourself money and avoid the 2018 Christmas hangover.
Hannah Maundrell, Editor in Chief of money.co.uk revealed the best and worst ways to pay for Christmas. Avoid:
Store cards: Not to be confused with loyalty cards, store cards are often flogged at the till with the promise of 10% off your next shop and the chance to pay later…

A friend once asked me, “How do I start investing if I don’t have much money?”
That is a legitimate question, especially for students just out of college or working adults who have just entered the corporate world.
To answer my friend’s question, I jogged back my memory to recall out how I first started investing. I, too, didn’t have much money when I started my investing journey.
I remember all I had was the monthly allowance given to me during National Service, which I had squirrelled away diligently.
With the money I had, I invested in books on personal finance and stock market investing. I remember the first book I bought was Rich Dad, Poor Dad by Robert Kiyosaki. I also went for an investment course to help bring down the steep learning curve (I had no accounting or finance background from school).
Essentially, what I did was to invest in myself. By investing in myself and not on a broker’s hot tip, I accumulated the knowledge needed to navigate the stock market.
Warren Buffett,…